My son-in-law died and left the house to my daughter. However the mortgage is still in his name. Daughters credit is terrible so she can’t get her name on the mortgage. She has been making all the payments for the past 4 years. However, she is not able to make ends meet so I wish to do the following but do not know how.
I want to borrow enough money to pay off her house. Then can she get an equity loan to pay me back and set up the same type of automatic bank payment to make the loan payments?. That way I won’t be liable and she will have a much smaller monthly payment. I live in Nevada and she lives in Illinois. Can this be done without either of us traveling? What would a good interest rate be for $18000.00 and for what length of time?
I need to add details. Daughter’s house is worth about $75,000.00. The amount of 18000.00 is the pay off. Reason for bad credit is the fact she never had to have any. Husband took care of everything. He was only 51 at death. Anyhow, I just need to know if she can get and equity loan after the house is paid off so she can pay me the full amount of my loan and then continue paying off the equity loan she had to get to be able to pay me.
